Announcement of strong lithium assays at Pegasus

Cygnus Metals Limited (ASX: $CY5) has announced strong first assays from diamond drilling at the Pegasus discovery at its Auclair Lithium Project in James Bay, Quebec. The assays confirm significant, thick mineralisation at Pegasus within 50m of the surface, with a highlight intersection of 43.7m (true width) @ 1.15% Li2O from 46.4m, including 4m @ 3.0% Li2O which includes 1m @ 5.9% Li2O.

Executive commentary on the Pegasus lithium assays

Cygnus Managing Director David Southam stated, 'This outstanding intersection shows exactly why we are on the hunt for lithium in James Bay. Despite its immense lithium potential, the area is still heavily underexplored when compared to more mature lithium terranes like Western Australia. This result puts Auclair on the map as potentially the next breakthrough lithium discovery in James Bay. Auclair clearly demonstrates all the key ingredients for a significant discovery, with regional scale, high grades and significant thick intersections. We have only scratched the surface through recent programs and look forward to getting back on the ground in May and continuing with prospecting around Pegasus and Lyra, which were discovered just days before the end of the season. Lyra is only 1.6km north of Pegasus and will be one of the high priority drill targets in June 2024.'

Summary of the Pegasus lithium assays and exploration plan

The first assays from diamond drilling at the Pegasus discovery at Cygnus Metals' Auclair Lithium Project have confirmed significant, thick mineralisation at Pegasus within 50m of the surface. The highlight intersection of 43.7m @ 1.15% Li2O from 46.4m, including 4m @ 3.0% Li2O which includes 1m @ 5.9% Li2O, demonstrates the project's potential to host a substantial Resource. The company plans to conduct the first systematic exploration in the highly prospective area with prospecting to commence in May and diamond drilling in late June. The significant widths and grades received indicate substantial potential for the larger system at Auclair, with an optimal fractionation trend over at least 10km of strike and multiple spodumene pegmatite discoveries over 6km of strike. The company looks forward to further exploration and drilling to uncover the full potential of the area.